SOUND ENERGY PLC

Share Issue/Capital Change • Mar 6, 2013

National Storage Mechanism | Additional information

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RNS Number : 3223Z

Sound Oil PLC

06 March 2013

6 March 2013

Sound Oil plc

("Sound Oil" or the "Company")

Initiation of Open Offer

As previously announced, Sound Oil are pleased to initiate an open offer to eligible shareholders to raise up to £1 million (before expenses).  This involves up to 12,386,968 Open Offer Shares at an issue price of 8.073p per New Ordinary Share.  The Open Offer is not being underwritten.

In July 2012, the Company announced the commencement of a private placement process under which the Company would raise new equity funds in monthly instalments over a 7 month period at an effective issue price determined by the volume weighted average price ("VWAP") of each successive period.  The Company also announced that at the end of the private placement, shareholders would be offered the opportunity of participating in an open offer up to a maximum of £1 million priced at the VWAP for the entire period of the private placement.  As previously announced, the private placement has concluded and accordingly the Company is now making the Open Offer to Eligible Shareholders on the basis of 43.15823 Open Offer Shares for every 1,000 Existing Ordinary Shares held at the Record Date.  The net proceeds of the Open Offer will be used for progressing the Company's projects in Italy and for general working capital purposes.

The expected timetable of the principal events in relation to the Open Offer is as follows:

Record Date for the Open Offer	5.00 p.m. on 5 March 2013
Announcement of the Open Offer and posting of the Circular and Application Forms	6 March 2013
Existing Ordinary Shares marked 'ex' by London Stock Exchange	8.00 a.m. on 6 March 2013
Open Offer Entitlements credited to stock accounts in CREST of Eligible CREST Shareholders	8.00 a.m. on 7 March 2013
Recommended latest time for requesting withdrawal of Open Offer Entitlements from CREST	4.30 p.m. on 15 March 2013
Latest time for depositing Open Offer Entitlements into CREST	3.00 p.m. on 18 March 2013
Latest time for splitting of Application Forms (to satisfy bona fide market claims only)	3.00 p.m. on 19 March 2013
Latest time and date for receipt of Application Forms and payment in full under the Open Offer and settlement of relevant CREST instructions	11.00 a.m. on 21 March 2013
Announcement of results of the Open Offer	22 March 2013
Admission and commencement in dealings in the New Ordinary Shares on AIM	8.00 a.m. on 25 March 2013
CREST accounts credited with New Ordinary Shares	25 March 2013
Definitive share certificates for the New Ordinary Shares despatched by	3 April 2013

A circular will be posted to Shareholders shortly setting out in more detail the background to and reasons for the Open Offer and its terms.  All capitalised terms in this announcement are as defined in the circular which will be available on the Company's website at www.soundoil.co.uk.

For further information please contact:

Sound Oil James Parsons, Chief Executive Officer	j.parsons@soundoil.co.uk
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones	Tel: +44 (0)20 7131 4000
Peel Hunt - Broker Richard Crichton Charles Batten	Tel: +44 (0)20 7418 8900

This information is provided by RNS

The company news service from the London Stock Exchange

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